News | India and Singapore Expand UPI-PayNow Integration to Broaden Cross-Border Remittances

India and Singapore Expand UPI-PayNow Integration to Broaden Cross-Border Remittances

News

19 July 2025

2 min read

UBS Forums

In a significant boost to cross-border payments, the digital payment systems of India and Singapore — UPI (Unified Payments Interface) and PayNow — have expanded their linkage to enable a broader group of users to send and receive funds instantly and seamlessly.

The announcement, made by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), marks a major step in streamlining digital remittances between the two countries. With this enhancement, additional banks and financial institutions have been onboarded, enabling a wider population to benefit from this real-time cross-border transfer system.

This development builds on the initial UPI-PayNow linkage launched in February 2023, which pioneered the use of mobile numbers or virtual payment addresses for person-to-person payments across borders.

With the latest phase of expansion, more banks in both India and Singapore are now supporting the service, making it easier for individuals, especially those with family or business ties in either country, to move money securely and swiftly. The collaboration also supports India’s broader push to position UPI as a global standard for fast payments.

Experts note that this bilateral effort could set the stage for similar cross-border payment collaborations in the future, especially across the ASEAN region and South Asia, where large diaspora communities and strong trade links exist.

As digital transactions continue to rise, the growing UPI-PayNow network represents a powerful shift toward frictionless, interoperable, and regulated cross-border payment systems that are both cost-effective and user-friendly.

Reference : ETBFSI